- What is meant by Business Intelligence And Analytics?
The infrastructure, tools, applications, and other resources that come together to provide data and insights—which in turn help businesses make decisions, find opportunities for revenue, and assess performance—are together referred to as business intelligence (BI) and analytics. Therefore, these systems are used for data analysis whereby they help business to make negotiations and navigate the data available to make decisions as to whether the business is performing well or not. With the increased development and sophistication of technology whereby businesses are finding it difficult to cope with rising competition, technology is coming in hand to help these businesses to be able to navigate the complex data analysis decisions hence resulting to the business to be able to make meaningful decisions by using the findings of analytics to make informed decisions that influence performance of the business (Lvare 2017). The benefits of using business intelligence is to enable business units to be able to process large volume of dataset more efficiently through the use of an intuitive dashboard thus aiding in businesses to determine trends and business opportunities available which then they can adopt and monitor business performance from time to time and enhance the business competitive advantage. Better business decisions are made possible by BI and analytics by giving users and stakeholder’s access to these in-depth projections and insights.
Transparency and visibility is created with the Business Intelligence processes both within and outside the business this enable business departments to be able to link up with one another thus making the sharing of information among business departments to be on time. When combined, deeper knowledge and understanding of a company’s place in the market allow organizations to make more proactive decisions, particularly regarding organizational effectiveness, changing market conditions, and consumer wants. This gives them a competitive advantage. The main goal of business intelligence is to enable business units to process real data on time and get valuable information that can guide in decision making (Rikhardsson and Yigitbasioglu 2018). On the other hand, analytics provide an opportunity for businesses to generate, process and analyze data which address various issues in business thus offering a better position as to how the business is operating and what decisions are needed to be implemented in order to enhance performance of the business better. With the increased automation of business processes and the use of Internet of Things which is bringing new ways of doing business, it has prompted the need to incorporate data analytics in business operation so that these businesses can be able to use modern data processing techniques to process and report data in real time which relate to the business so that they can be able to make affirmative decisions that can transform the business operations. Therefore, analytics and BI offers a business the much needed tools and infrastructure that can be used to access and analyze data which in return enhance the performance of the business by aiding in decision making.
- How business intelligence is used in pharmaceutical industry.
The pharmaceutical sector is one sector that is involved in vaccines development, clinical trials and approval of drugs for containment of various diseases. These are complex processes that can best be solved with the use of technology. The concept of drug research and development is a complex phase that cannot be completed without relying on the use of complex technology processes. In the course of research and development, business intelligence processes are used in data analysis to help in determining side effects of drugs and vaccines launched, drug contraindications and also it can be used to analyze samples in the quest to determine whether the drugs launched are effective for treatment of diseases or not (Khedr et al. 2017).
The other sector that relies heavily on BI is the sales of pharmaceutical products. There are many manufacturers and sellers of drugs in the market and this calls for the need to ensure that each seller can get to deploy unique tactics together with the quality of their drugs to be able to make a sale. BI technology helps the marketing team to analyze demand of their drugs based on market data hence they can make informed decisions as to whether production of that drug can continue to be undertaken or not based on demand patterns analyzed. The technology moreover help companies to examine seasonal demand patterns of different drugs hence enabling them to make decisions overall as a company on whether the demand is sufficient to sustain operations or it can be halted if the demand is negligible. BI assists in pricing structure analysis, examining changing consumer interests, and making critical decisions for the expansion of the business (Ramakrishnan et al. 2020). There is no doubt that the use of BI is aiding companies in the pharmaceutical sector to accurately evaluate their performance in the market and make decisive decisions regarding the future of their operations in case they are not performing well then they can make an effort to restore their operations on time.
Inventory is very critical to pharmaceutical company success like any other company, BI technology is also relied for inventory management and forecasting purposes. Business Intelligence (BI) facilitates efficient inventory management by providing insights into stock levels and overstock situations. By accurately evaluating the company stock level, companies in pharmaceutical industry are relying on this technology to monitor the movement of stocks and make informed decisions based on the stock in and stock out of certain products. These decisions are very effective in stock management and in enabling the company to control cash flow by either increasing or limiting the amount of cash tied in inventory (Alhiary 2021). Therefore, for any company that is intending to increase its dominance in the market, reliance on this form of technology is mandatory in order to make decisions relating to production, sale and managing inventory levels. Companies that have incorporated this form of technology have integrated it with the enterprise resource planning which makes it possible to leverage on the data and make it possible for these companies to get it right in their production process.
Part 2.
Map.
- Top 5 countries.
From the list, the top five countries is USA with total of 4,335, France with 1314, Australia with 1,075, Sweden with 1,021 and lastly, China with 679 medals.
- France women.
France had 1314 medals and they got more medals from swimming.
- Morocco performance.
- Top 5 countries.
Aquatics/swimming: Australia
Gymnastics/artistic G.: Greece
Shooting: USA
Volleyball: France
Weightlifting: Belgium
Average rate of winning women in the summer Olympics from 1896 to 2008
Ranking of five European countries when it comes to Tennis
USA in summer Olympics from 1896 to 2008
Medal distribution.
Reference.
Alhiary, E.M., 2021. The Impact of the Strategic Vision on Business Intelligence in Pharmaceutical Companies:(An Applied Study on Pharmaceutical Industries Companies in Jordan). Indian Journal of Economics and Business, 20(2).
Khedr, A., Kholeif, S. and Saad, F., 2017. An integrated business intelligence framework for healthcare analytics. International Journal, 7(5).
Llave, M.R., 2017. Business intelligence and analytics in small and medium-sized enterprises: A systematic literature review. Procedia Computer Science, 121, pp.194-205.
Ramakrishnan, T., Kathuria, A. and Saldanha, T.J., 2020. Business intelligence and analytics (BI&A) capabilities in healthcare. In Theory and Practice of Business Intelligence in Healthcare (pp. 1-17). IGI global.
Rikhardsson, P. and Yigitbasioglu, O., 2018. Business intelligence & analytics in management accounting research: Status and future focus. International Journal of Accounting Information Systems, 29, pp.37-58.
